$AKBA
Akebia Therapeutics, Inc.

2014 Q2 Form 10-Q Financial Statement

#000119312514193535 Filed on May 12, 2014

View on sec.gov

Income Statement

Concept 2014 Q2 2014 Q1 2013 Q1
Revenue
YoY Change
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $2.300M $3.800M $700.0K
YoY Change 228.57% 442.86%
% of Gross Profit
Research & Development $5.525M $6.158M $1.898M
YoY Change 125.23% 224.48%
% of Gross Profit
Depreciation & Amortization $11.97K $8.000K $0.00
YoY Change
% of Gross Profit
Operating Expenses $7.840M $9.909M $2.577M
YoY Change 151.2% 284.52%
Operating Profit -$7.840M -$9.909M -$2.577M
YoY Change 151.2% 284.52%
Interest Expense $0.00 $0.00 -$800.0K
YoY Change -100.0%
% of Operating Profit
Other Income/Expense, Net $222.0K $212.0K $1.956M
YoY Change -23.45% -89.16%
Pretax Income -$7.600M -$9.700M -$600.0K
YoY Change 171.43% 1516.67%
Income Tax $0.00 $0.00 $0.00
% Of Pretax Income
Net Earnings -$7.618M -$9.697M -$621.0K
YoY Change 169.09% 1461.51%
Net Earnings / Revenue
Basic Earnings Per Share
Diluted Earnings Per Share -$240.5K -$4.409M -$32.79K
COMMON SHARES
Basic Shares Outstanding 20.26M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q2 2014 Q1 2013 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $105.3M $132.2M
YoY Change
Cash & Equivalents $95.39M $126.3M $2.594M
Short-Term Investments $9.888M $5.800M
Other Short-Term Assets $1.700M $1.500M
YoY Change
Inventory
Prepaid Expenses
Receivables $114.0K $119.4K
Other Receivables $0.00 $0.00
Total Short-Term Assets $126.1M $133.7M
YoY Change
LONG-TERM ASSETS
Property, Plant & Equipment $181.0K $164.2K
YoY Change
Goodwill
YoY Change
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $125.3K $125.3K
YoY Change
Total Long-Term Assets $306.4K $289.5K
YoY Change
TOTAL ASSETS
Total Short-Term Assets $126.1M $133.7M
Total Long-Term Assets $306.4K $289.5K
Total Assets $126.4M $134.0M
YoY Change
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $1.488M $2.077M
YoY Change
Accrued Expenses $3.278M $4.042M
YoY Change
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00 $0.00
YoY Change
Total Short-Term Liabilities $4.770M $6.123M
YoY Change
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00
YoY Change
Other Long-Term Liabilities $29.53K $30.43K
YoY Change
Total Long-Term Liabilities $29.53K $30.43K
YoY Change
TOTAL LIABILITIES
Total Short-Term Liabilities $4.770M $6.123M
Total Long-Term Liabilities $29.53K $30.43K
Total Liabilities $4.806M $6.161M
YoY Change
SHAREHOLDERS EQUITY
Retained Earnings -$80.95M
YoY Change
Common Stock $202.00 $202.00
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost) $21.36K
YoY Change
Treasury Stock Shares 775.0 shares
Shareholders Equity $121.6M $127.9M
YoY Change
Total Liabilities & Shareholders Equity $126.4M $134.0M
YoY Change

Cashflow Statement

Concept 2014 Q2 2014 Q1 2013 Q1
OPERATING ACTIVITIES
Net Income -$7.618M -$9.697M -$621.0K
YoY Change 169.09% 1461.51%
Depreciation, Depletion And Amortization $11.97K $8.000K $0.00
YoY Change
Cash From Operating Activities -$6.670M -$6.010M -$1.530M
YoY Change 240.31% 292.81%
INVESTING ACTIVITIES
Capital Expenditures -$30.00K $142.0K
YoY Change
Acquisitions
YoY Change
Other Investing Activities -$23.05M $5.500M
YoY Change
Cash From Investing Activities -$23.08M $5.360M
YoY Change
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $115.0M
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -1.180M 105.8M 2.480M
YoY Change -102.94% 4164.11%
NET CHANGE
Cash From Operating Activities -6.670M -6.010M -1.530M
Cash From Investing Activities -23.08M 5.360M
Cash From Financing Activities -1.180M 105.8M 2.480M
Net Change In Cash -30.93M 105.1M 950.0K
YoY Change -181.07% 10963.16%
FREE CASH FLOW
Cash From Operating Activities -$6.670M -$6.010M -$1.530M
Capital Expenditures -$30.00K $142.0K
Free Cash Flow -$6.640M -$6.152M
YoY Change 238.78%

Facts In Submission

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CY2013Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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CY2013Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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0
CY2013Q1 us-gaap Research And Development Expense
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CY2013Q1 us-gaap Preferred Stock Dividends And Other Adjustments
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CY2013Q1 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
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CY2013Q1 us-gaap Depreciation
Depreciation
0
CY2013Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
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CY2013Q1 us-gaap Convertible Preferred Stock Converted To Other Securities
ConvertiblePreferredStockConvertedToOtherSecurities
CY2013Q1 us-gaap Operating Expenses
OperatingExpenses
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CY2013Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2013Q1 akba Exchange Of Convertible Debt
ExchangeOfConvertibleDebt
CY2013Q1 akba Deferred Stock Offering Costs Included In Accounts Payable And Accrued Liabilities
DeferredStockOfferingCostsIncludedInAccountsPayableAndAccruedLiabilities
CY2013Q1 akba Assets Acquired Under Capital Leases
AssetsAcquiredUnderCapitalLeases
CY2013Q1 akba Extinguishment Of Preferred Stock
ExtinguishmentOfPreferredStock
CY2013Q1 akba Stock Issued During Period Value Issued For Settlement Of Convertible Notes
StockIssuedDuringPeriodValueIssuedForSettlementOfConvertibleNotes
CY2013Q1 akba Reclassification Of Preferred Stock From Debt To Equity
ReclassificationOfPreferredStockFromDebtToEquity
CY2014Q1 dei Entity Registrant Name
EntityRegistrantName
Akebia Therapeutics, Inc.
CY2014Q1 dei Amendment Flag
AmendmentFlag
false
CY2014Q1 dei Entity Filer Category
EntityFilerCategory
Non-accelerated Filer
CY2014Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2014
CY2014Q1 dei Document Type
DocumentType
10-Q
CY2014Q1 dei Document Period End Date
DocumentPeriodEndDate
2014-03-31
CY2014Q1 dei Entity Incorporation Date Of Incorporation
EntityIncorporationDateOfIncorporation
2007-02-27
CY2014Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001517022
CY2014Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2014Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2014Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Volatility Rate
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0.30 pure
CY2014Q1 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
WeightedAverageNumberOfShareOutstandingBasicAndDiluted
2227058 shares
CY2014Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-6007670
CY2014Q1 us-gaap Property Plant And Equipment Useful Life
PropertyPlantAndEquipmentUsefulLife
P3Y
CY2014Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0.00 pure
CY2014Q1 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-43.37
CY2014Q1 us-gaap Increase Decrease In Accounts Payable And Accrued Liabilities
IncreaseDecreaseInAccountsPayableAndAccruedLiabilities
1909614
CY2014Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <b>Concentrations of Credit Risk and Off-Balance Sheet Risk</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Cash, investments and accounts receivable are the only financial instruments that potentially subject the Company to concentrations of credit risk. At March&#xA0;31, 2014 and 2013, all of the Company&#x2019;s cash was deposited in accounts at two principal financial institutions. The Company maintains its cash with a high quality, accredited financial institution and, accordingly, such funds are subject to minimal credit risk. The Company has no significant off-balance sheet concentrations of credit risk, such as foreign currency exchange contracts, option contracts or other hedging arrangements.</p> </div>
CY2014Q1 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
1834629 shares
CY2014Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results may differ from those estimates. Management considers many factors in selecting appropriate financial accounting policies and controls, and in developing the estimates and assumptions that are used in the preparation of these financial statements. Management must apply significant judgment in this process. In addition, other factors may affect estimates, including: expected business and operational changes, sensitivity and volatility associated with the assumptions used in developing estimates, and whether historical trends are expected to be representative of future trends. The estimation process often may yield a range of potentially reasonable estimates of the ultimate future outcomes, and management must select an amount that falls within that range of reasonable estimates. Estimates are used in the following areas, among others: stock-based compensation expense, fair value of common stock and preferred stock and the Company&#x2019;s other equity instruments (in periods prior to the IPO), accrued expenses and income taxes.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Prior to the IPO, the Company utilized significant estimates and assumptions in determining the fair value of its common stock. The Company granted stock options at exercise prices not less than the fair market value of its common stock as determined by the Board of Directors contemporaneously at the date such grants were made, with input from management. For periods prior to March&#xA0;2014, the fair value of common stock at the grant date was adjusted in connection with the Company&#x2019;s retrospective fair value assessment for financial reporting purposes. Prior to the Company&#x2019;s IPO, the Board of Directors determined the estimated fair value of the Company&#x2019;s common stock based on a number of objective and subjective factors, including external market conditions affecting the biotechnology industry sector and the prices at which the Company sold shares of preferred stock, the superior rights and preferences of securities senior to the Company&#x2019;s common stock at the time and the likelihood of achieving a liquidity event, such as an IPO or sale of the Company.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The Company utilized various valuation methodologies in accordance with the framework of the American Institute of Certified Public Accountants Technical Practice Aid, <i>Valuation of Privately-Held Company Equity Securities Issued as Compensation</i>, to estimate the fair value of its common stock in periods prior to March&#xA0;2014. The methodologies included a probability analysis including both a potential public trading scenario and potential sale scenario. In both scenarios, value is estimated using the guideline public company method. The sale scenario includes an adjustment for a market participant acquisition premium. Value is allocated among the preferred and common shares according to the rights associated with each type of security. Valuation methodologies include estimates and assumptions that require the Company&#x2019;s judgment. These estimates include assumptions regarding future performance, including the successful completion of a public offering. Significant changes to the key assumptions used in the valuations could result in different fair values of common stock at each valuation date.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The Company&#x2019;s results can also be affected by economic, political, legislative, regulatory and legal actions. Economic conditions, such as recessionary trends, inflation, interest and monetary exchange rates, government fiscal policies and changes in the prices of research studies, can have a significant effect on operations. While the Company maintains reserves for anticipated liabilities and carries various levels of insurance, the Company could be affected by civil, criminal, regulatory or administrative actions, claims or proceedings.</p> </div>
CY2014Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
141956
CY2014Q1 us-gaap Revenues
Revenues
CY2014Q1 us-gaap Interest Income Expense Net
InterestIncomeExpenseNet
19025
CY2014Q1 us-gaap Increase Decrease In Prepaid Deferred Expense And Other Assets
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CY2014Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2014Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-9909247
CY2014Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-15944
CY2014Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
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CY2014Q1 us-gaap Net Income Loss
NetIncomeLoss
-9697110
CY2014Q1 us-gaap Repayments Of Long Term Capital Lease Obligations
RepaymentsOfLongTermCapitalLeaseObligations
641
CY2014Q1 us-gaap Payment Of Financing And Stock Issuance Costs
PaymentOfFinancingAndStockIssuanceCosts
9199504
CY2014Q1 us-gaap Reimbursement Revenue
ReimbursementRevenue
193112
CY2014Q1 us-gaap Preferred Stock Accretion Of Redemption Discount
PreferredStockAccretionOfRedemptionDiscount
86899555
CY2014Q1 us-gaap Adjustments To Additional Paid In Capital Increase In Carrying Amount Of Redeemable Preferred Stock
AdjustmentsToAdditionalPaidInCapitalIncreaseInCarryingAmountOfRedeemablePreferredStock
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CY2014Q1 us-gaap Noncash Or Part Noncash Acquisition Net Nonmonetary Assets Acquired Liabilities Assumed1
NoncashOrPartNoncashAcquisitionNetNonmonetaryAssetsAcquiredLiabilitiesAssumed1
CY2014Q1 us-gaap Noncash Or Part Noncash Acquisition Value Of Assets Acquired1
NoncashOrPartNoncashAcquisitionValueOfAssetsAcquired1
CY2014Q1 us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
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CY2014Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
105753855
CY2014Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
105104229
CY2014Q1 us-gaap Research And Development Arrangement Contract To Perform For Others Costs Incurred Gross
ResearchAndDevelopmentArrangementContractToPerformForOthersCostsIncurredGross
4032370
CY2014Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
5358044
CY2014Q1 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
CY2014Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
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CY2014Q1 us-gaap Severance Costs1
SeveranceCosts1
323685
CY2014Q1 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
6157928
CY2014Q1 us-gaap Preferred Stock Dividends And Other Adjustments
PreferredStockDividendsAndOtherAdjustments
CY2014Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Shortterm Investments
ProceedsFromMaturitiesPrepaymentsAndCallsOfShorttermInvestments
5500000
CY2014Q1 us-gaap Depreciation
Depreciation
8118
CY2014Q1 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
2444864
CY2014Q1 us-gaap Convertible Preferred Stock Converted To Other Securities
ConvertiblePreferredStockConvertedToOtherSecurities
CY2014Q1 us-gaap Operating Expenses
OperatingExpenses
9909247
CY2014Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
0
CY2014Q1 akba Exchange Of Convertible Debt
ExchangeOfConvertibleDebt
CY2014Q1 akba Deferred Stock Offering Costs Included In Accounts Payable And Accrued Liabilities
DeferredStockOfferingCostsIncludedInAccountsPayableAndAccruedLiabilities
1168768
CY2014Q1 akba Severance Payment Under Agreement Description
SeverancePaymentUnderAgreementDescription
Unpaid severance costs, which will be paid out through February 2015.
CY2014Q1 akba Capital Lease Term
CapitalLeaseTerm
P3Y
CY2014Q1 akba Assets Acquired Under Capital Leases
AssetsAcquiredUnderCapitalLeases
CY2014Q1 akba Deferred Rent Expense
DeferredRentExpense
30434
CY2014Q1 akba Defined Contribution Plan Employees Age To Eligible Under Plan
DefinedContributionPlanEmployeesAgeToEligibleUnderPlan
21 Age
CY2014Q1 akba Extinguishment Of Preferred Stock
ExtinguishmentOfPreferredStock
CY2014Q1 akba Capital Lease Commencement Date
CapitalLeaseCommencementDate
2014-02
CY2014Q1 akba Stock Issued During Period Value Issued For Settlement Of Convertible Notes
StockIssuedDuringPeriodValueIssuedForSettlementOfConvertibleNotes
CY2014Q1 akba Reclassification Of Preferred Stock From Debt To Equity
ReclassificationOfPreferredStockFromDebtToEquity

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